CBSE Class 12 Sample Paper 2025 Solution for Accountancy

Central Board of Secondary Education

SAMPLE PAPER
Class 12
2025

Solutions

ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME

PART A
(Accounting for Partnership Firms and Companies)

S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ₹ 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed 1
OR
B5%
4. A- 1
Bad Debts A/c Dr. 15,000
To Debtors A/c 15,000
Prov. for Doubtful Debts A/c Dr. 15,000
To Bad Debts A/c 15,000
OR
C - Gain ₹ 16,000, ₹ 2,00,000
5. C - 12 % 1
6. B- ₹ 4,800; ₹ 2,700; ₹ 2,100 1
Or
B -₹ 12,000
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ₹ 60,000 1
OR
C- ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000
will be distributed amongst partners
9. B - Teeka will be credited by ₹ 4,200 1
10. B - ₹ 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ₹ 60,000 1
14. D - Deferred Revenue Expenditure ₹ 50,000 and Profit and Loss (Dr.) ₹ 80,000 1
15. A - ₹ 2,25,000 1
OR
B - ₹ 67,500
16. A - 6:5:5 1
17. Assets realised = ₹ 1,08,000 3
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466

Total Commission = 2,160 + 8,460 = ₹ 10,626
Date Particulars Debit (₹) Credit (₹)
(i) Realisation A/c Dr. 10,626
To Rusting’s Capital Account 10,626
(Being remuneration payable to partner)

18. (i) Share in the subsequent profits attributable to the use of his balance. 3
₹ 42,250 x 20,500
₹1,80,000

= ₹ 4,812

(ii) Interest @ 6% p.a. on the use of his balance = ₹ 42,250 x 6/12 x 6/100 = ₹ 1,267.50

C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).

Or

Capital of Firm = 1,40,000+20,000 (Reserve) = ₹1,60,000

Normal Profit = 1,60,000 x 12/100 = ₹19,200

Average Profit = ₹30,000

Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ₹10,800
Goodwill = 4 (Super Profit) = 4 (10,800) = ₹43,200

Saurabh's share of Goodwill = 1/3 of 43,200= ₹14,400.

19. Journal 3
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000

(Being Business taken over and capital reserve recorded)

Ginny Limited A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)

Or

Journal
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
To Shares Forfeited A/c 40,000
To Calls in arrears A/c 16,000

(Being Shares forfeited)

Bank A/c Dr 10,000
Shares Forfeited A/c Dr 25,000
To Share Capital A/c 35,000
(Being 5000 shares reissued at discount)

20. Journal 3
Date Particulars Debit Credit
(i) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 50,000
To Cat’s capital A/c 30,000
To Rat’s capital A/c 20,000
(Being Invest. Fluctuation Reserve distributed)

Investment A/c Dr 80,000
To Revaluation A/c 80,000
(Being Increase in investment recorded)

Revaluation A/c Dr 80,000
To Bat capital A/c 40,000
To Cat capital A/c 24,000
To Rat capital A/c 16,000
(Being Gain on revaluation transferred to partners)

(ii) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 40,000
To Cat’s capital A/c 24,000
To Rat’s capital A/c 16,000
To Investment A/c 20,000
(Being decrease in investment recorded and balance
Invest. Fluctuation Reserve distributed)

(iIi) Investment Fluctuation Reserve A/c Dr 1,00,000
Revaluation A/c Dr 10,000
To Investment A/c 1,10,000
(Being decrease in investment recorded)

Bat’s capital A/c Dr 5,000
Cat’s capital A/c Dr 3,000
Rat’s capital A/c Dr 2,000
To Revaluation A/c 10,000
(Being Loss on revaluation distributed among the
partners)

21. Journal 4
Date Particulars Debit Credit
Share capital A/c Dr 45,000
To Forfeited shares A/c 27,000
To share final call A/c 18,000
(Being 4500 shares forfeited)

Bank A/c Dr 22,500
Forfeited shares A/c Dr 22,500
To Share Capital A/c 45,000
(Being 4500 shares reissued)

Forfeited share A/c Dr 4,500
To Capital reserve A/c 4,500
(Being balance of share forfeiture transferred to
Capital reserve)

Dr. Share Forfeiture A/c Cr.
Particulars Amount Particulars Amount
To Share Capital A/c 22,500 By Share Capital 27,000
To Capital Reserve A/c 4,500

27,000 27,000

22. Journal 4
Date Particulars Debit Credit
1.10.2023 Y's Capital A/c Dr 15,60,000
To Y's Executors A/c 15,60,000
(Being balance in capital transferred to
executors account)

1.10.2023 Y's Executors A/c Dr 3,60,000
To Banks A/c 3,60,000

(Being payment made to the executor)

31.12.2023 Interest A/c Dr 18,000
To Y's Executor's A/c 18,000
(Being Interest due)

31.12.2023 Y's Executors A/c Dr 3,18,000
To Banks A/c 3,18,000

(Being payment made to the executor)

31.03.2024 Interest A/c Dr 13,500
To Y's Executor's A/c 13,500
(Being Interest due)

31.03.2024 Y's Executors A/c Dr 3,13,500
To Banks A/c 3,13,500

(Being payment made to the executor)

23. Journal 6
Date Particulars Debit Credit
Bank A/c Dr 22,50,000
To Share Application and allotment A/c 22,50,000
(Being Application and allotment money
received)

Share Application and allotment A/c Dr 22,50,000
To Equity Share Capital A/c 18,00,000
To Share First call A/c 3,00,000
To Bank A/c 1,50,000
(Being application and allotment money
adjusted and excess refunded)

Share 1st Call A/c Dr 24,00,000
To Equity Share Capital A/c 24,00,000
(Being call money due)
Bank A/c Dr 20,82,000
Calls In arrears A/c Dr 18,000
To Share 1st Call A/c 21,00,000
(Being call money received except on 6,000
shares)

Share Capital A/c Dr 42,000
To Shares Forfeited A/c 24,000
To Calls in arrears 18,000
(Being 6000 shares forfeited)

Share 2nd Call A/c Dr 35,64,000
To Share Capital A/c 17,82,000
To Securities Premium A/c 17,82,000
(Being 2nd Call money due)

Bank A/c Dr 35,64,000
To Share 2nd Call A/c 35,64,000
(Being 2nd Call money received)

Bank A/c Dr 78,000
To Share Capital A/c 60,000
To Securities Premium A/c 18,000
(Being forfeited shares reissued)

Shares Forfeited A/c Dr 24,000
To Capital Reserve A/c 24,000
(Being balance transferred to capital
reserve)

OR
Journal
Date Particulars Debit Credit
A (i) Bank A/c Dr 67,500
To Debenture Application and allotment A/c 67,500
(Being applications received)

Debenture Application and allotment A/c Dr 67,500
Loss on issue of Debntures A/c Dr 11,250
To 12% Debentures A/c 75,000

To Premium redemption of debentures A/c 3,750
(Being Debentures issued at discount
redeemable at premium)

A(ii) Bank A/c Dr 96,000
To Debenture Application and allotment A/c 96,000
(Being applications received)

Debenture Application and allotment A/c Dr 96,000
Loss on issue of Debentures A/c Dr 8,000
To 12% Debentures A/c 80,000
To Securities Premium A/c 16,000
To Premium on Redemption A/c 8,000
(Being Debentures issued at discount
redeemable at premium)

23 B) Balance sheet Extract of X Ltd
_____________________________________________________
Particulars Note no. Rs

1. Equity &Liabilities
Non current liabilities
Long term borrowings 1 4,00,000
_____________________________________________________
Notes to accounts
______________________________________________________

1. Long term borrowings
Loan from IDBI
(Secured by issue of 5000, 9% debentures of 4,00,000
Rs.100 each as collateral security) ________

24. 6
Dr Revaluation A/c Cr
Particulars Amount Particular Amount
To Stock A/c 1,400 By Creditors A/c 900
To Furniture A/c 500 By Loss transferred to:
To Provision for doubtful debts 2,000 Meghna 1,000
Mehak 1,000
Mandeep 1,000 3,000

3,900 3,900

Dr Partner Capital Account Cr
Meghna Mehak Mandeep Meghna Mehak Mandeep

To Revaluation 1,000 1,000 1,000 By Balance b/d 20,000 14,500 10,000

To Mehak 2,000 - 2,000 By General 2,500 2,500 2,500
Reserve
To Cash -- 20,000 -- By Meghna -- 2,000
To Balance c/d 27,050 -- 27,050 By Mandeep 2,000
By Cash 7,550 -- 17,550
30,050 21,000 30,050 30,050 21,000 30,050

Or

Profit & Loss appropriation A/c
Of Varun and Vivek For the year ended on March 31, 2023

Dr Cr

Particulars Amount Particulars Amount

To Partners Current A/c By Profit & Loss A/c - Net Profit 1,20,000

Varun 78,508 By Interest on Drawings

Vivek 42,992 Varun 450

Vivek 1,050

1,21,500 1,21,500

• As divisible profits are insufficient, so available profits are distributed in ratio of
appropriations i.e 42:23

Partner’s capital A/c
Dr Cr
Particulars Varun Vivek Particulars Varun Vivek
To Balance c/d 3,00,000 2,00,000 By Balance b/d 3,00,000 2,00,000

3,00,000 2,00,000 3,00,000 2,00,000

Partner’s Current A/c
Dr Cr
Particulars Varun Vivek Particulars Varun Vivek
To Balance b/d 28,000 By Balance b/d 1,00,000

To Drawings 12,000 30,000 By Profit and Loss 78,508 42,992
Appropriation A/c
To Interest on
450 1,050
Drawings By Balance c/d 16,058
To Balance c/d 1,66,058

1,78,508 59,050 1,78,508 59,050

25. 6
Realisation Account
Dr Cr
Particulars Amount Particulars Amount
To Fixed Deposits 70,000 By Provision for Doubt. Debts 12,000
To Stock 86,000 By Bills Payable 1,10,000
To Investments 1,04,000 By Creditors 1,90,000
To Debtors 1,77,000 By Employees provident fund 50,000
To Other fixed assets 3,80,000 By Mrs. Sunny's Loan 55,000
To Sunny's Capital A/c (Loan repaid) 55,000 By Investment fluctuation fund 30,000
To Bank A/c By Bank A/c
Creditors 1,75,000 Debtors 1,76,100
Bills Payable 1,10,000 Other Fixed assets 2,30,300
Emp prov fund 50,000 3,35,000 Investments 15,600
To Sunny's Capital A/c – Expense 10,000 Fixed deposits 77,000 4,99,000
To Bobby's Capital A/c – Expense 10,000 By Bobby's Capital A/c 1,43,680
By Bobby's Loan A/c 41,000
By Partners Capital A/c - Loss on
real.
Bobby 57,792
Sunny 38,528 96,320

12,27,000 12,27,000

A26. Q1. A). Rs.10,00,000 6
Q2. C). Rs.12
Q3. A). Rs.40,000
Q4. B). 5,50,000 shares
Q5. B). Rs.3,28,000, Rs.56,000
Q6. C). Rs.54,70,000

Part B :- Analysis of Financial Statements
(Option – I)

27. C - Horizontal 1
Or
A - Sale of Stock at cost price

28. C- Net Profit ratio will increase and Operating Profit ratio will have no change
29. D - Only (i) and (iv) 1

OR
A - Investments in shares are excluded from cash equivalents unless they are in substantial cash
equivalents.
30. A. - Both the statements are true. 1

31. Items Heading Sub-Heading 1
Furniture and Fixture Non-Current Assets Property, Plant &
Equipment
Advance paid to contractor Non-Current Assets Long-Term Loans &
for building under Advances
construction
Accrued Income Current Assets Other Current Assets
Loans repayable on Current Liabilities Short Term Borrowings
demand to Bank
Employees earned leaves Non-Current Liabilities Long Term Provisions
payable on retirement
Employees earned leaves Current Liabilities Short Term Provisions
encashable

32. Comparative Income Statement 3

Particulars 2022-23 2023-24 Absolute % change
change
Revenue from 16,00,000 20,00,000 4,00,000 25%
Operations
Less: Employees Benefit 8,00,000 10,00,000 2,00,000 25%
Expenses
Less: Other Expenses 2,00,000 1,00,000 (1,00,000) (50%)
Profit before tax 6,00,000 9,00,000 3,00,000 50%
Tax @30% 1,80,000 2,70,000 90,000 50%
Profit after tax 4,20,000 6,30,000 2,10,000 50%

33. Gross Profit Ratio = Gross Profit / Revenue from Operations * 100 3
Revenue from Operations = Rs 10,00,000
Gross Profit = Revenue from Operations – Cost of Revenue from Operations

Cost of Revenue from Operations = Purchases + Opening Inventory + Direct Expenses
– Closing Inventory
= 3,60,000 + 60,000 + 50,000 + 60,000 – 1,00,000 = 4,30,000

(Average Inventory = Opening Inventory + Closing Inventory / 2
80,000 = 60,000 + Closing Inventory / 2
Closing Inventory = 1,00,000)
Gross Profit = 10,00,000 – 4,30,000 = 5,70,000
Gross Profit Ratio = 5,70,000/10,00,000 * 100 = 57%

OR

Net Profit Before Interest & Tax = Profit after Tax + Tax + Interest

(Tax = 6,00,000 * 20/80 = 1,50,000)

10,00,000 = 6,00,000 + 1,50,000 + Interest
Interest = Rs 2,50,000

Interest on Debentures = Nominal value of Debentures * Rate of Interest/100
2,50,000 = 25,00,000 * Rate of Interest/100
Rate of Interest (R) = 10%

34. (a) CASH FLOW FROM OPERATING ACTIVITIES 4

Particulars Details Amount
Profit Earned during the year (1,00,000)

Add: Proposed dividend of previous year 1,50,000
Provision for tax for current year 1,20,000

Profit before tax and extraordinary items 1,70,000

Non-operating and Non Cash Items:
Add: Goodwill amortised 50,000

Operating profit before tax and changes in working capital 2,20,000
Add: Increase in trade payable 50,000
Less: increase in trade receivables (40,000)
________
Cash generated from operations 2,30,000
Less: Income tax paid 1,00,000
_______
Cash flow from operating activities 1,30,000

OR
Dr Accumulated Depreciation A/c Cr
Particulars Amount Particulars Amount

To Machinery A/c (prev. dep on
machine damaged) 10,000 By Balance b/d 4,00,000
To Machinery A/c (prev. dep on By Depreciation A/c (Charged
machine sold) 90,000 during the year) 3,50,000
To Balance c/d 6,50,000
7,50,000 7,50,000

Dr Machinery A/c Cr
Particulars Amount Particulars Amount
To Balance b/d 20,00,000 By Accumulated Depreciation A/c 10,000
To Bank A/c (Balancing figure) 11,00,000 By Insurance Company A/c 32,000
By loss by fire A/c 8,000
By Bank A/c 1,40,000
By Loss on Sale A/c 20,000
BY Accumulated Depreciation A/c 90,000
By Balance c/d 28,00,000
31,00,000 31,00,000

Investing Activities

Sale of Machinery 1,40,000
Claim received from Insurance Company 32,000
Machinery Purchased (11,00,000)
Cash Outflow from Investing Activities (9,28,000)

Part B :- Computerised Accounting
(Option – II)

27. B. PMT (rate, nper, pv, [fv], [type]) 1

OR

B. Design, Layout, Format

28. A. =AND (C4<10, D4,100) 1

29. A. SUM and AVERAGE 1
Or
A. [Ctrl]+[Home]
30. B. Financial 1

31. Contra Voucher 3
Receipt Vouchers
Payment Vouchers
Purchase Vouchers

32. Three considerations —scalability, collaboration/accessibility, and security/data integrity—play 3
a crucial role in determining the suitability regarding a desktop database or a server database as
the right investment for any organization
33. Simple and Integrated 4
Accuracy & Speed
Scalability
Instant Reporting
Security
Quick Decision Making
Reliability
Or

It helps in the visualization of the data our data.
It also helps in checking for specific information.
And it is, additionally, a great way to highlight top values or differences in our data as well.
Besides all this, "Conditional Formatting" enables the different features to the users to make the
data more informatic and readable as well. It also allows us to format the cells and their data
effectively, which will meet the specified criteria respectively.
34. Two basic methods of charging depreciation are: 6
Straight line method: This method calculates fixed amount of depreciation every year which
is calculated keeping in view the useful life of assets and its salvage value at the end of its useful
life.

Written down value method: This method uses current book value of the asset for computing
the amount of depreciation for the next period. It is also known as declining balance method.

Differences:
1. Equal amount of depreciation is charged in straight line method. Amount of depreciation 6
goes on decreasing every year in written down value method.
2. Depreciation is charged on original cost in straight line method. The amount is calculated on
the book value every year.
3. In straight line method the value of asset can come to zero but in written down value method
this can never be zero.
4. Generally rate of depreciation is low in case of straight line method but it is kept high in case
of written down value method.
5. It is suitable for assets in which repair charges are less and the possibility of obsolescence is
less. It is suitable for the assets which become obsolete due to changes in technology.

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